When looking at developing new products, it’s important for us at Tandem to make sure we are designing them with the customers’ and potential customers’ best interests at heart.
In 2020 Tandem will launch a new mortgage and we are turning to the public and our existing customers to help. By no means will this be a traditional mortgage offered by most high street banks. We’re looking to help those people who are currently underserved by the incumbents and create a product that is truly reflective of consumer needs in today’s turbulent market.
Tandem was built on crowd-sourcing, therefore it’s only natural when building a product that will have a profound impact on the lives of our customers, that we once again ask the public for their input. The current mortgage market is based on outdated credit checks which make it nearly impossible for those who have a blip on their credit history, or whose incomes aren’t always consistent, to get a mortgage.
Whilst we do work with all the credit reference agencies, if a potential mortgage customer presented a thin credit file or a weaker credit report then we can look at their transactional data, thanks to open banking, and decide whether or not to underwrite them. We’re not trying to reinvent credit assessment, but we do want to use all available data to help us make the most informed decision. Doing this means we can ensure we offer our customers, and prospective customers, the best possible products and services.
We have plenty of ideas about what our mortgage products could look like but want to get as many ideas together as possible so we know we’re building what potential homebuyers really want.
Some of our current top picks are:
- Auto-payoff mortgages – small regular overpayments help chip away at the total and pay off your mortgage in record time
- Flexi-mortgage – flip between interest-only and principle plus interest as and when you want
- Reverse mortgage – start releasing equity early and automatically
- Career ladder mortgages – higher salary multiples based on potential career earnings rather than current salary
- Easy remortgage – quickly and easily lock in a better fixed-rate up to 1 year early without any remortgage fees
- Nomad mortgage – flip between a residential mortgage and a buy-to-let and if and when you want to move countries